Business

Grab Malaysia has introduced a new fare bidding feature, currently undergoing testing in selected towns across Malaysia. This feature allows passengers to propose their desired ride price, giving drivers the option to accept the offer or make a counter-offer. Confirming the trial, Grab stated, "We’re currently conducting a small-scale experiment to test the feature in selected towns in Malaysia," in response to queries from LifestyleTech. Reports surfaced on social media, indicating that users received notifications about the feature within GrabAcademy, an in-app learning section for Grab's driver-partners. Screenshots shared by users also shed light on the details of this new feature. Described as "optional" for both passengers and drivers, the existing fixed fare options li...

Geely Automobile Holdings Ltd, a Chinese automaker, has entered the Malaysian electric vehicle (EV) market with its Smart #1 EV, competing against established players Tesla and BYD. The Smart #1 EV, available in three variants, is priced from RM189,000 to RM249,000, similar to Tesla's Model 3 and BYD's Atto. Despite Malaysia's small EV market, Geely is making a strategic move, unveiling its Smart #1 EV in Kuala Lumpur and investing in a high-tech automotive city in Tanjung Malim. The Smart cars will be distributed in Malaysia by Pro-Net, a subsidiary of Proton, in which Geely holds a 49.9% stake. Pro-Net also plans to expand distribution to Thailand and the east Malaysian states of Sarawak and Sabah, targeting 10% of the country's EV market share. Proton's CEO, Li Chunrong...

Telecommunications giant CelcomDigi Bhd reported a 32.66% quarter-on-quarter increase in net profit to RM455.72 million for Q3 2023, citing lower costs in regulatory and network-related areas and reduced marketing expenditure. Despite a 0.61% decline in revenue to RM3.1 billion, the company added 123,000 subscribers, expanding its base to 20.6 million. CelcomDigi declared a third interim dividend of 3.3 sen per share, bringing total dividends for the financial year to 9.7 sen per share. The company is on track with its merger integration efforts, including network integration and modernisation, reaching over 4,400 sites by end-October 2023. “Capital expenditure (capex) increased 8.6% y-o-y to RM385 million in 3QFY2023, as the company prioritised investments in network capa...

Jack Ma's office has issued a statement expressing his continued optimism and confidence in Alibaba, emphasising that he remains a major shareholder through his family trust. The assurance comes after units of Ma's JSP Investment and JC Properties filed plans to sell $870 million in Alibaba shares, prompting a sell-off in the company's stock. The phased sale, scheduled to start on November 21, is part of a long-term plan adopted in August, and Ma's office clarified that no shares have been sold yet. Alibaba's recent decision to halt the full spin-off of its cloud computing unit also impacted its stock price. Ma, who retired as Alibaba's chairman in 2019, has been actively engaged in philanthropy, education, and various personal projects during his retirement. In additio...

Several Muslim businessmen and technology experts based in San Francisco, United States have expressed their interest to invest in Malaysia, said Prime Minister Datuk Seri Anwar ibrahim. Anwar in a Facebook post today said the matter was relayed to him during their meetings, among them SpaceX Commercial Marketing director Omar Kunbargi; Rembrand chief executive officer Omar Tawakol; Ornovi chief executive officer, Fauad Hassan; Z2Data president and chief executive officer, Mohammad Ahmad; Whizz System president, Muhammad Irfan and Z2Data communications chief, Osama Ahmad. Anwar who is also the Finance Minister said they stated their interest after getting clarifications on the country‘s future direction. He said also discussed in the meeting was the need to give more attentio...